Tuesday, October 1, 2013

10/1/13 - AM Update

I cleaned up the options based on what the market has given us which is now represented in green and red. The bearish option (red) is out if the market pushes over 1702.

10 Min - 9:55 AM

The last time I posted this 60 min chart was on 9/21 . Let's take a look at it again.

If the market is not in a wave (iii) bounce, one other option to look at is an ending diagonal, with today's bounce being the start of wave 5.

60 Min - 8:47 AM

Yesterday I mentioned there was a case for the bulls and that I wouldn't explore an option until they broke thru the blue TL. So far the bulls have ignored the government shutdown and have broken thru the TL following the bullish daily hammer candlestick.

I have adjusted the black option but it is in danger of being eliminated if wave (iv) overlaps into wave (i), which it's pretty close to doing.

10 Min - 7:54 AM

blog comments powered by Disqus